abrdn Property Income Trust Limited (API) has entered into an agreement with GoldenTree Asset Management to sell its portfolio for £351m.

The deal will see the owner of Travelodge acquire 39 properties, with GoldenTree paying a deposit of £35.1m, and the remainder being paid in cash following completion.

GoldenTree, which was founded in 2000, currently manages $55bn (£41.06bn) for institutional investors, including public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds.

The US-based firm has over 300 employees, with offices in the UK, Ireland, Germany, Singapore, Australia, Japan and the UAE.

The deal comes after a vote in May by the abrdn board to wind down the subsidiary.

In a statement, chair at API, James Clifton-Brown, said that the aims of the disposal were to "maximise the returns to shareholders", but also to return cash to them as soon as possible.

Clifton-Brown added: "The full range of disposal strategies was considered from individual property sales to a wider transaction. Through an independent agent, Gerald Eve, the whole portfolio was marketed to potential buyers in an extensive and competitive process.

"Following a second round of bids, the board considered the GoldenTree Asset Management bid provided the best solution for shareholders, compared with the net present value of what might be achieved by way of individual sales over a longer period and represents a swift implementation of the shareholder resolution to conduct a managed wind down. I would like to thank the team at abrdn who have delivered this outcome for shareholders."

---